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Fiscal and Currency Union with Default and Exit
Ferrari, Alessandro - 2020
Countries which share a common currency potentially have strong incentives to share macroeconomic risks through a system of transfers to compensate for the loss of national monetary policy. However, the option to leave the currency union and regain national monetary policy can place severe...
Persistent link: https://www.econbiz.de/10012825641
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The Progressive Value Added Tax (Fiscal Policy) as a Tool of Inflation Targeting : Is a Higher Inflation Target Plausible?
Altamirano, Julio - 2017
power of income index and the Fisher Equation allows up to a 15% inflation target without the costs of inflation? It is a … most of the costs of inflation including the relative price distortion through the price tag (by disclosing the nominal … of inflation targeting that can combat the Global Financial Crisis. The impetus for its adoption across the developed …
Persistent link: https://www.econbiz.de/10012968860
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Monetary Policy Rule, Exchange Rate Regime, and Fiscal Policy Cyclicality in a Developing Oil Economy
Algozhina, Aliya - 2016
reveals that the best policy combination is a countercyclical fiscal stance and CPI inflation monetary targeting under a … flexible exchange rate regime to stabilize equally the domestic price inflation, aggregate output, and real exchange rate in a …
Persistent link: https://www.econbiz.de/10012978673
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Postponing Global Adjustment : An Analysis of the Pending Adjustment of Global Imbalances
Truman, Edwin M. - 2005
Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains...
Persistent link: https://www.econbiz.de/10014063503
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The Russian economy amidst the war and sanctions
Astrov, Vasily; Kochnev, Artem; Stamer, Vincent; Teti, … - 2024
The marked turnaround in Russia's foreign trade in 2023 exerted strong downward pressure on the Russian rouble, which lost around 30% of its value. Global oil prices were declining in the first half of the year, the EU import embargo on Russian oil depressed prices even further; and on top of...
Persistent link: https://www.econbiz.de/10015065596
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Budget-neutral fiscal rules targeting inflation differentials
Brede, Maren - 2016
In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare implications of budget-neutral scal policies that counteract in ation di erentials. In a two-country DSGE model of a monetary union with traded and non-traded goods a national scal...
Persistent link: https://www.econbiz.de/10011437921
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The portfolio theory of inflation and policy (in)effectiveness revisited : corroborating evidence
Bossone, Biagio; Cuccia, Andrea - 2020
This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness … (Bossone, The portfolio theory of inflation and policy (in)effectiveness, 2019). The PTI shows that when an economy is heavily … and policies aimed to stimulate output growth dissipate into domestic currency depreciation and higher inflation, with …
Persistent link: https://www.econbiz.de/10012140238
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Exchange Rate Misalignments and Crises
Stein, Jerome L.; Paladino, Giovanna - 2021
productivity of the economy. Trends in social consumption/GDP, and in fiscal policy, reflected political regime changes in France …
Persistent link: https://www.econbiz.de/10013320946
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Monopsony makes firms not only small but also unproductive : why East Germany has not converged
Bachmann, Ruediger; Bayer, Christian; Stüber, Heiko; … - 2022
adverse consequences for aggregate labor productivity. Using high-quality administrative data from Germany, we document that … data predicts 10 percent lower aggregate labor productivity in East Germany. …
Persistent link: https://www.econbiz.de/10013198922
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A New Approach for the General Equilibrium Analysis. Increase of the Production and Employment with Monetary and Fiscal Boosts
Nomidis, Dimitrios - 2014
-run growth of production takes place due to long-run growth of the labor force, capital stock, productivity or due to technology …
Persistent link: https://www.econbiz.de/10013053400